Purchase of House Plots By Federal Bank
Features & Benefits For Purchase of House Plots By Federal Bank
- Speedy loan approval
- Get loan up to 60% of land
- Minimal documentation
- Loan amount up to Rs.25 Lakhs
Loan is provided for purchasing house plots for subsequent construction of house.
Loan amount up to Rs. 25 Lakhs with a margin of 40%(of cost of land as shown in sale deed + Stamp duty + Registration charges)
Repayment period of the loan is 60 Months
Repayment can be done as easy EMIs.
Security for the loan will be House plot to be purchased and Interim Security for 100% of the loan amount.
Indicative List of Documents Required for Loan processing
- Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card)
- Address Proof (Ration card Tel/ Electricity Bill/ Lease agreement/ Passport/Trade license /Sales Tax certificate)
- Bank Statement (latest 6 months bank)
- Land Tax Receipt
- Title deed
- Any other documents as required by the bank
Repayment of the loan is made as Equated Monthly Installments (EMI).
You can use any one of the ways to repay the loan:
- Standing instructions at your branch
- FedNet - Internet Banking
- Automated Payment through ECS
- Mobile Banking
Interest Rates & Charges
|Base Rate||10.2% (p.a) w.e.f Jun 16, 2014|
|Benchmark Prime Lending Rate (For loans existing as on 30.06.2010 till next renewal)||17.75% (p.a) w.e.f Nov 07, 2011|
|Description of loan scheme/ product||Range of Interest Rates(% p.a) *|
|Housing Loan up to Rs. 75 lakhs (Floating Rate)||Base Rate + 0.00% to Base Rate + 0.15%|
|Housing Loan of Rs.75 lakhs and above (Floating Rate)||Base Rate + 0.30% to Base Rate + 0.40%|
|Housing Loan (Fixed Rate)||0.50% above floating rate HL|
|Property Power Loan (LAP)||Base Rate + 3.20% to Base Rate + 5.10%|
|Home Invest||Base Rate + 2.05% to Base Rate + 2.90%|
|Auto Loan (floating rates)||Base Rate + 0.70% to 2.05%|
|Auto Loan (fixed rates)||0.25% above floating rate AL|
|Car Loan (fixed rates) - Up to & including 48 months - w.e.f 20.04.2015||10.40% to 11.40%|
|Car Loan (fixed rates) - Above 48 months - w.e.f 20.04.2015||10.30 % to 11.30 %|
|Educational Loan||Base Rate + 3.25% to Base Rate + 4.90%|
|Gold Loan||Base Rate + 3.80%|
|Business Gold Loan||Base Rate + 5.00%|
|Advance Against Own Deposits||Deposit Rate + 2.00%|
|Advance Against Third Party Deposits||Higher of (Base Rate + 2.80%) OR (Deposit Rate + 2.00%)|
|Advance Against Approved Securities (NSC,IVP, KVP, LIC Policies)||Base Rate + 2.85% to Base Rate + 3.10%|
|Easy Cash (OD against approved securities)||Base Rate + 3.10% to Base Rate + 3.35%|
|Personal Loan||Base Rate + 5.30% to Base Rate + 10.85%|
The Base Rate is computed by taking into account –
a) Bank's cost of deposit (which is taken as the benchmark),
b) Negative carry on maintaining Statutory Liquidity Ratio (SLR) and Cash Reserve Ratio (CRR),
c) Administrative expenses, which cannot be specifically attributed to any particular type of lending, and
d) Average expected return on capital employed for supporting the lending activities.
# Conditions apply
Federal Bank Limited is a major Indian commercial bank in the private sector headquartered at Aluva, Kerala having more than thousand branches and ATMs spread across different States in India.
The history of Federal Bank dates back to the pre-independence era. Though initially it was known as the Travancore Federal Bank, it gradually transformed into a full-fledged bank under the able leadership of its Founder, Mr. K P Hormis. The name Federal Bank Limited was officially announced in the year 1947 with its headquarters nestled on the banks of the river Periyar. Since then there has been no looking back and the bank has become one of the strongest and most stable banks in the country.